(e)
On
December 5, 2007, the Compensation Committee of the Board of Directors of NPS
Pharmaceuticals, Inc. (“NPS”
or
the
“Company”)
approved the following one-time stock awards under the NPS 2005 Omnibus
Incentive Plan (“2005
Plan”)
to the
Chief Executive Officer and certain of the Company’s 2007 Named Executive
Officers in recognition of services rendered during 2007:

Name

Cash
Value of Awards (1)

Dr.
N. Anthony Coles

$400,000

Gerard
J. Michel

$92,304

Alan
L. Mueller

$106,967

Val
R. Antczak

$187,298

Gregory
M. Torre

$118,950

(1)

The
number of NPS shares issued pursuant to each award will be
determined based on the closing price of NPS common stock on the
Nasdaq
Global Select Market on the date of
issuance.

In
recognition of the Company’s 2007 performance, the Compensation Committee
approved a cash award to Dr. Coles in the amount of $450,000. The Compensation
Committee also approved amendments to Dr. Coles employment agreement that
provide for a 5% increase in base compensation in 2007, retroactive to March
1,
2007, and an increase of 4.5% in base compensation for the year ended December
31, 2008. The foregoing description is qualified by reference to the full text
of the amendment, which will be filed as an exhibit to the Company’s Form 10-K
for the year ended December 31, 2007.

SIGNATURES

Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant
has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.